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SANTA MONICA, CA-Owners of the 198-room Shutters on the Beach hotel have secured $112.5 million in a refinancing loan arranged by the Los Angeles office of Holliday Fenoglio Fowler.Scott McMullin and Anita Paryani of HFF report that the hotel owner, the Edward Thomas Cos. of Beverly Hills, landed the two-year, plus options, adjustable rate financing through JPMorgan Mortgage Capital, a conduit lender. Thomas Cos. is a hotel developer and operator with ownerships dating back to 1953 and, in addition to owning Shutters, owns the 129-room Casa del Mar at 1900 Ocean Way in Santa Monica. McMullin notes that Thomas obtained the high leverage financing on a tight schedule because the loan was prescreened before the application was submitted.Shutters on the Beach occupies a site at the intersection of Pico Boulevard and Ocean Avenue on the sand, adjacent to Santa Monica Pier and near Third Street Promenade, Main Street and Montana Avenue. The 198 rooms are in two buildings, a 41-room Beach House and 157-room Ocean House. The property also includes two restaurants, meeting space, a parking garage, an outdoor swimming pool and a health club. The Thomas Cos. also owns the historic Casa del Mar luxury hotel adjacent to Shutters as part of ET Whitehall Seascape LLC, which secured $48 million in refinancing for the 129-room property in September, as reported on Globest.com. That deal also was arranged by McMullin of HFF. Besides Thomas, the members of ET Whitehall Seascape LLC include Whitehall Street Real Estate Limited Partnership IX, along with certain affiliates. The Casa del Mar originally opened in 1926 as a beach club and hotel in the Renaissance Revival style. It was known for its active social scene and, during World War II, the hotel was converted to military use.

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